Chinese Banks to Commit $250m to NNPC’s Ajaokuta-Kano Gas Line | TODAY.NG

The Nigerian National Petroleum Corporation (NNPC), yesterday disclosed that its Ajaokuta-Abuja-Kaduna-Kano gas pipeline project, often called the AKK Pipeline Project, would receive a funding boost worth $250 million from Chinese banks. The corporation also explained that the gas line which would cost it $2.7 billion to execute had achieved a lot of milestones in its contracting process.

NNPC’s Group Managing Director, Dr. Maikanti Baru, stated this through a statement from the Group General Manager Public Affairs Division of the corporation, Mr. Ndu Ughamadu, in Abuja, though he did not disclose the identity of the Chinese banks that are willing to do this. The statement however noted that Baru hosted a delegation of the Nigerian Gas Association (NGA) which was led by its President, Dada Thomas, when he made these disclosures. Baru stated that the corporation got the funding window when it recently signed a $1.78 billion alternative financing agreements with International Oil Companies…

Source: Chinese Banks to Commit $250m to NNPC’s Ajaokuta-Kano Gas Line | TODAY.NG


6 years ago




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